Blowout auction event sees almost $20 million worth of homes sold
One of August's biggest auction events saw $19.9 million worth of property sold in under three hours, all from just ten different homes. FOLLOW AUCTIONS LIVE
Nicholas Finch
less than 2 min read
August 17, 2024 - 8:45AM
Real Estate
8 Shottery Street, Yeronga
One of August's biggest auction events saw $19.9 million worth of property sold in under three hours, all from just ten different homes.
Ray White's Collective auction event for August took place Saturday morning, with 21 homes available to bid on.
More than 90 registered bidders attended, both in-person and over the phone, to place bids for homes that went for up to $5.9 million.
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The most popular home was 8 Shottery Street, Yeronga, a three-bedroom, one-bathroom home with 25 registered bidders going at it to get the property.
The home was in its original condition: a small cottage with stained carpets, peeled paint and worn over time.
Even Ray White New Farm agent Meaghan Bakker described the home as needing "a little TLC".
The home has had years of use, and has long-since started to show its age.
But that didn't stop buyers for a second, noticing the location and the opportunity for redevelopment. Three dozen bids later, someone had won the property under the hammer.
With a starting bid of $800,000, bidding shot up to over $1 million within two bids, increasing by over $200,000 after that.
The auction soon was a competition between two bidders, each of them trying to inch out the other's offer.
One family finally took home the property, with a final bid of $1.2155 million, winning with a $500 bid.
Hundreds filed in and out of the event on Saturday morning, with more than 90 registered bidders attending in-person and online. Picture: Nicholas Finch
The sales ranged from $1 million flat for 89 Illuta Ave, Ferny Hills, to $5.901 million for 1031 Brunswick St, New Farm.
Ray White New Farm agent Matt Lancashire said the event was a good showing, with several auctions being won by those who had never even seen the properties they now owned.
"We've got three separate buyers who've been bidding sight unseen on property," he said. "They consider it to be of value ... they look at the investment."
Four additional homes had already been sold prior to the start of the event.
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When the owners of 13 Florence St, Annerley, decided to upsize, they hoped a new family would move in to restore the long-standing home: and that's exactly what happened.
The two-bedroom, one-bathroom cottage, ten minutes away from the South Bank, had three registered bidders attend the morning auction, after 32 groups had gone through the home.
With a starting vendor bid of $1 million, the winning buyer quickly stepped in to price out the others at an offer of $1.16 million.
After negotiation with the old owners, the property then sold for $1.175 million, making for a quick auction between the players.
Place Woolloongabba agent Ben Smith said properties needing renovation such as this one have had less competition lately, despite still having high demand.
"What we are finding at the moment is there are probably [fewer] buyers on the market for properties that need renovation, because the construction space is difficult to navigate," he said. "The appetite for that product is still strong – there's just less volume."
Mr Smith said the new owners, a young professional couple, planned to give the home cosmetic renovations and live in the property.
"[The old owners] were very happy," he said. "They had hoped it would be someone who would restore the house … and they're very happy that it was a young couple that bought it."
Couple outbids entire room in auction event with just one bid
17 Duval Street, Wynnum West
In the month's biggest auction event, one of the first properties up for grabs was snatched with a single high bid.
The four-bedroom, two-bathroom home at 17 Duval St, Wynnum West, was one of several properties available at the Ray White Collective's monthly Brisbane auction event, only second among the 21 lots put forward.
Close to the coast, Ray White Bulimba agents Brandon Wortley and Caleb Komorowski described the house as a "gorgeous character home" with amenities perfect for raising kids.
Two registered bidders were confirmed to be competing over the property; but with one fell swoop, the competing bidder was priced out of the competition after a starting bid of $1.25 million.
Auctioneer Haesley Cush described the move as a "pro" strategy, starting high to eliminate others before bidding got out of hand. The bidders then went in to negotiate with the original owners, who then sold it to them for $1.34 million.
This makes the home $357,000 over the median suburb property price of $983,000.
The new buyers said they consulted a professional buyer's agent before going into the auction, to make sure they had a strong bidding strategy.
The couple was "comfortable" with the final offer, calling it "the right price" for the suburb.
"It has amazing renovations – I think it could definitely be a family home," they said.
The pair are prepared to stay in the home long-term, looking to raise children together in their new community.
Gangbuster auction sees 20 registered bidders and 75 bids
27 Murton Avenue, Holland Park
The three-bedroom, one-bathroom home at 27 Murton Ave, Holland Park, was so in-demand that 20 registered bidders arrived on the day to fight for their chance at the home.
Social Realty Brisbane had put the property up for a 10am sale on Saturday, describing it as a versatile home good for renovating, investment or creating "your dream home".
At least eight active bidders agreed, going head-to-head after a starting bid of $900,000.
Agent Megan O'Leary said the auction ranged from slow-going to "a bidder frenzy, [with] the occasional bigger bid to knock people out".
Over 75 bids, the bidders were whittled down to three, until one party over the phone pulled ahead in the last few bids.
The winning bidders, a family of related persons, managed to win the home by a margin of $1,000, with the final offer being $1.591 million.
"There were quite a few local buyers who were looking to buy a second property in the area," Ms O'Leary said, "but they didn't win … [the winners] were pretty excited".
Bidder wins home the same day they saw it
37 Bridgnorth Street, Carindale
Six registered bidders went up against each other for the four-bedroom, two-bathroom home at 37 Bridgnorth St, Carindale – but the winner hadn't seen the property until that very day.
The two-storey home is a short walk from Westfield Carindale, featuring a brick facade and open-plan living for families looking to move in.
Starting at an offer of $1.55 million, the auction went for a total of 51 minutes – a long process involving heavy pausing and negotiation between the three active participants.
Once one bidder helped to put the property on the market, the winners stepped in – and secured the property with an offer of $1.638 million.
The winners were a family who had just seen the property in person on the day of the auction; but they're now looking to raise their kids there.
Place Camp Hill agent Joanna Gianniotis said part of the reason the winning buyers felt comfortable with the purchase was because of how transparent the auction was, and how much the old vendors were willing to sell for.
"Buyers understand the process," she said. "It's clean-cut, and they can see what the competition's willing to pay."
This week's PropTrack Queensland data
32 Gloucester Drive, Deebing Heights
PropTrack’s latest Property Preview Report has shown a slower week for auction growth in Brisbane. With 264 scheduled auctions this week, this represents a two per cent increase from this time last year.
Brisbane itself has seen a larger rise at 160 auctions, representing a 13 per cent year-on-year increase. However, regional Queensland's auctions are down 12 per cent, now at 104 for this week.
Next week is also estimated to be around a 2 per cent rise in auctions compared to this time last year. Coorparoo is the most popular suburb with homes up for auction, with eight being scheduled across the week.
This week, Queensland's most-viewed property going up for auction over the weekend is 32 Gloucester Dr, Deebing Heights.
New homeowners win four-unit block by bidding their lucky number
1-4/106 Princess St, Kangaroo Point
Nineteen registered bidders arrived to compete over a four-unit block in Kangaroo Point; and the winner secured the property by raising the offer by their lucky number.
The building at 106 Princess St went to auction from Ray White West End on Thursday August 15, after receiving more than 200 enquiries and 56 groups appraising it.
An in-room event was held for the home – where twelve active bidders fought furiously for their chance to pick it up.
A starting bid of $1.5 million kicked off the auction, but within three bids, the price had already reached the $2 million mark.
What followed was an aggressive bidding war with the majority of registered bidders participating, with 63 bids taking place over 16 minutes.
Ray White West End agent Ethan Petrie said while the underbidders were consistently trying to price out the other active bidders, the winners were able to keep making small bids just above the previous threshold.
“These guys knew what they were doing in the bidding,” he said.
In the end, the property sold under the hammer for $2,540,888 – with 888 being the winners’ lucky number.
While the new owners considered taking the building down and rebuilding it from the ground-up, they’ve currently decided to keep renting it out as a passive investment.
Renters are currently residing in the property. The estimated current annual return of the building is $105,000.
Riverfront home sold in fiery auction for almost $6 million
1031 Brunswick Street, New Farm
12 registered bidders went head-to-head at the Ray White Collective auction event to claim a riverside home by New Farm Park, with more than five million dollars on the line.
The four-bedroom, two-bathroom home at 1031 Brunswick St, New Farm, is one of just 60 riverfront houses in the area, making it a rare find with a lot of value.
That value meant within moments, a starting bid of $4 million shot up to $5 million, with five active bidders fighting over the home as the price climbed closer and closer to $6 million.
Tensions grew high between bidders, with bidders wincing and swearing at the rising price. More than fifty bids took place at the event, bids rising by increments of $5-10 thousand.
But the winning bidder was able to inch ahead in the rapid-fire auction, slowly pricing out the other contenders before putting in thousand dollar bids to inch past the remaining offers.
In the end, the property sold for $5.901 million, having beat the last competitor by just $1,000.
The winning bidder sighed in relief: now free to enjoy the waterfront view from their new rooftop terrace, atop the two-storey home.
